Virtual Cards are taking over the B2B world – don’t let your business fall behind

3 Minutes read

When was the last time you used a corporate credit card? For most of us, the answer is “not that long ago.” If you’ve ever been a part of a business, you’ve probably charged things to a company card. This is the standard for business to business transactions. This is the way it’s been for a long time. It’s what we’ve come to know and expect. It’s what our payment processors are built for. 

But, believe it or not, the world is changing. It seems everything in the payment processing world is going digital – credit card terminals, invoices, receipts. And now, B2B credit cards. 

Virtual credit cards have arrived on the scene, and they are rapidly taking over. 

These days, more and more large businesses are using virtual cards over traditional methods of payment. Insurance firms, hospitals, and other big businesses are making the switch.

There are a lot of benefits that come with the use of virtual cards.  One such benefit, is the virtual cards are typically used to payoff multiple invoices.  Virtual cards also have a static amount for which they can be used, which helps accuracy and eliminates fraudulent transactions.  But there are also some major concerns for businesses who aren’t prepared to make the change. Namely, the possibility for high fees can dramatically effect the bottom line.

What can your business do? 

The folks at Bill Trust say virtual card spending is projected to surpass traditional purchasing cards by 2021.  

Here are some steps for keeping up with the growing market without paying those high fees: 

Find a terminal that can handle multiple payment processes.  

From traditional credit cards to cash to virtual cards, get yourself a terminal that can do it all.  One example is the POYNT, smart terminal.  

Another one of our favorite examples is our Virtual Terminal. We’ve talked about this in detail here and here, but we love it so much we can’t stop talking about it.  

Keep track of those transactions.  

Use the Virtual Terminal to accept all types of payments. Then, use its transaction tracking to keep a paperless record of every payment accepted. It’s important, as a business owner, to know everything that happens within your business. But no one has the memory of a computer. The solution? Trust a computer.  

The Virtual Terminal has paperless reporting. It sends receipts over email or text message and keeps track of them. At the end of the day, you can receive an itemized summary of all your transactions by email.  

Most importantly, lower those transaction rates.  

The Virtual Terminal is one of the tools in our Save Smart Guarantee. It’s designed around lowering interchange rates.  

Many of our clients come to us paying way more than they should be in fees. Their success stories described here and here say everything that needs to be said about the Virtual Terminal. Businesses save hundreds of dollars every month by switching to Virtual Terminals. The Virtual Terminal has proven itself time and time again – it really does save businesses money.

Make sure your rates will never change. 

Another beneficial part of our core advantages is Rate Lock. Rate Lock means our fees will never change. Our agreement stays the same – forever. The last thing you need to worry about when trying to navigate the changing world of payment terminals and making your business the best it can be is another uncertainty. We will never be the wild card in your deck. With us, you’ll always get what you bargained for.   Rate Lock avoids the typical by-annual increases by most other credit card processing companies. 

Don’t be afraid of change. 

We’ve said it before, and we’ll say it again. The world of B2B transactions is changing. But if you have the right tools, change can be the opportunity to launch your business into the future.

If you have questions about B2B transactions, reach out to one of our experts, 877-651-1655 or support@stillwaterpayments.com.

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